The jackpot for the Powerball draw on Sat Nov 2, 2024, is projected to be $54 Million, with an option for a cash payout of $25.8 Million. Should you be the lucky winner of the Powerball jackpot, anticipate the IRS to initially withhold 24% of your winnings for taxes, and be prepared that you might need to pay up to an additional 13% in federal taxes at tax time. For Arkansas residents, the state will deduct 4.9% from your lottery earnings.
| Arkansas Powerball Jackpot/Cash Option for Sat Nov 2, 2024 |
|---|
| Draw Date | Sat Nov 2, 2024 | | Projected Jackpot | $54,000,000 | | Cash Value | $25,800,000 |
| Lumpsum Option Taxes and Payment |
|---|
| Cash Gross Payment | $25,800,000 | | Federal Tax(24%) | $6,192,000 | | Additional Federal Tax | $3,314,330 | | State Tax(4.9%) | $1,264,200 | | Net Lumpsum Payment | $15,029,470 |
| Annuity Payment in 30 Installations |
|---|
| Yr |
Gross Payment |
Fed/State Taxes |
Net Payment |
| 1 |
$812,754 |
$261,049
$39,825 |
$511,880 |
| 2 |
$853,416 |
$276,094
$41,817 |
$535,505 |
| 3 |
$896,076 |
$291,879
$43,908 |
$560,289 |
| 4 |
$940,896 |
$308,462
$46,104 |
$586,330 |
| 5 |
$987,930 |
$325,864
$48,409 |
$613,657 |
| 6 |
$1,037,340 |
$344,146
$50,830 |
$642,364 |
| 7 |
$1,089,180 |
$363,327
$53,370 |
$672,483 |
| 8 |
$1,143,666 |
$383,487
$56,040 |
$704,139 |
| 9 |
$1,200,852 |
$404,646
$58,842 |
$737,364 |
| 10 |
$1,260,900 |
$426,863
$61,784 |
$772,253 |
| 11 |
$1,323,918 |
$450,180
$64,872 |
$808,866 |
| 12 |
$1,390,122 |
$474,676
$68,116 |
$847,330 |
| 13 |
$1,459,620 |
$500,390
$71,521 |
$887,709 |
| 14 |
$1,532,628 |
$527,403
$75,099 |
$930,126 |
| 15 |
$1,609,254 |
$555,754
$78,853 |
$974,647 |
| 16 |
$1,689,714 |
$585,525
$82,796 |
$1,021,393 |
| 17 |
$1,774,170 |
$616,773
$86,934 |
$1,070,463 |
| 18 |
$1,862,892 |
$649,600
$91,282 |
$1,122,010 |
| 19 |
$1,956,042 |
$684,066
$95,846 |
$1,176,130 |
| 20 |
$2,053,836 |
$720,250
$100,638 |
$1,232,948 |
| 21 |
$2,156,544 |
$758,252
$105,671 |
$1,292,621 |
| 22 |
$2,264,382 |
$798,152
$110,955 |
$1,355,275 |
| 23 |
$2,377,566 |
$840,030
$116,501 |
$1,421,035 |
| 24 |
$2,496,474 |
$884,026
$122,327 |
$1,490,121 |
| 25 |
$2,621,268 |
$930,200
$128,442 |
$1,562,626 |
| 26 |
$2,752,380 |
$978,711
$134,867 |
$1,638,802 |
| 27 |
$2,889,972 |
$1,029,620
$141,609 |
$1,718,743 |
| 28 |
$3,034,476 |
$1,083,087
$148,689 |
$1,802,700 |
| 29 |
$3,186,216 |
$1,139,230
$156,125 |
$1,890,861 |
| 30 |
$3,345,516 |
$1,198,171
$163,930 |
$1,983,415 |
|
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